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    News
    All› Corp. Laws, SEBI & IBC › Corp. Laws, SEBI & IBC - 2016
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    December 23, 2016
    Government of India to launch Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana
    Show AI Summary
    Digital payments incentive schemes use prize draws to drive consumer and merchant adoption through specified eligible channels.
    Central government initiative uses incentivised prize draws under the Lucky Grahak Yojana (consumers) and Digi Dhan Vyapar Yojana (merchants), implemented by the National Payments Corporation of India, to promote digital transaction uptake. Eligibility is limited to transactions through RuPay cards, USSD, UPI and AEPS, with draws conducted across multiple cities and outreach through Digi Dhan Mela booths and help centres to assist citizens and merchants with app downloads and transaction facilitation.
    December 17, 2016
    Growth of Corporate Sector
    Show AI Summary
    Minimum paid-up capital removal facilitates company incorporation and streamlines registration and compliance processes.
    The Ministry of Corporate Affairs reported rising numbers of active companies through 2016 and stated the impact on employment has not been assessed. To promote growth and improve ease of doing business, the Ministry removed the minimum paid up capital requirement at incorporation, made the common seal optional, established a Central Registration Centre, deployed the SPICe electronic incorporation form, and granted conditional exemptions or relaxations under the Companies Act, 2013 including for startups.
    December 17, 2016
    Early Warning System to Detect Fraud
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    Early Warning System being developed to detect financial frauds; no Companies Act rehabilitation or compensation scheme exists.
    An Early Warning System is being developed through an engaged consulting agency to enable early identification and pre-intimation of financial frauds; development is iterative and results will follow once the conceptual framework stabilises. Concurrently, no scheme exists under the Companies Act for rehabilitation or compensation of victims affected by corporate financial frauds.
    December 17, 2016
    Capital structure of Nidhi Companies
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    Capital requirements for Nidhi companies restrict debt issuance and set membership and net-owned-fund thresholds for operation.
    A Nidhi must be a public company maintaining a minimum paid-up equity share capital, is prohibited from issuing preference shares, debentures or any other debt instrument, and may not admit a body corporate or trust as a member. Within one year of the Rules' commencement each Nidhi must meet a minimum membership threshold and maintain Net Owned Funds at or above the prescribed level or any higher amount specified by the Central Government.
    December 17, 2016
    Contribution to Political Parties
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    Corporate political contributions limited by law; eligibility, disclosure and procedural restrictions govern donations to parties and electoral trusts.
    Section 182 of the Companies Act, 2013 permits a non-government company with at least three years' existence to contribute up to a statutory proportion of its average net profits for the preceding three years to registered political parties or electoral trusts, subject to eligibility, disclosure, accounting and other restrictions; the provision does not apply to foreign companies.
    December 10, 2016
    Monopoly by Cellular Service Providers
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    Abuse of dominance and anti-competitive conduct prompt multiple CCI investigations into cellular providers, seeking penalties and cessation.
    The Competition Commission of India has registered four investigations into alleged anti-competitive agreements and abuse of dominance by private cellular service providers following complaints naming industry associations, multiple mobile operators and, in one instance, regulatory and public telecommunication entities; the CCI is empowered to impose penalties and issue cease and desist orders under the Competition Act, 2002.
    December 9, 2016
    Investor Education and Protection Fund
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    Unclaimed investor funds credited to Investor Education and Protection Fund, refunds and awareness funded via budgetary allocations.
    Unclaimed and unpaid amounts must be credited to the Investor Education and Protection Fund and, once credited, form part of the Consolidated Fund of India; refunds to eligible investors and financing of investor-awareness programmes are effected through separate Ministry budgetary allocations rather than direct utilization of the Fund.
    December 9, 2016
    CSR and Social Audit
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    Corporate Social Responsibility obligation requires boards to adopt CSR policies and allocate funds across prescribed development sectors.
    Section 135 of the Companies Act 2013 mandates a Corporate Social Responsibility contribution by companies above specified financial thresholds, calculated from average net profits of the preceding three years, and tasks Boards with framing CSR policies and allocating funds across development sectors; government data for 2014-15 shows a mix of reporting and non reporting among companies, differentiating public and private sector conduct and aggregate reported expenditures.
    November 29, 2016
    FM: Present Government has taken a new initiative by setting-up a modern insolvency mechanism based on the best practices in the world; Hope that it will deliver the desired results; Hands-over the Certificates of Registration to these two Insolvency Professional Agency (IPA) companies
    Show AI Summary
    Insolvency Professional Agency registration enables enrolment and regulation of insolvency professionals, advancing the new insolvency framework.
    Two Section 8 not-for-profit companies have been registered as Insolvency Professional Agencies authorised to enrol insolvency professionals, prescribe and monitor standards of professional conduct, supervise member performance and redress consumer grievances; their registration under the Insolvency Professional Regulations, 2016 enables commencement of professional enrolment and advances implementation of the Insolvency and Bankruptcy Code, 2016.
    November 23, 2016
    Insolvency and Bankruptcy Board (IBBI) of India notifies two Regulations; The IBBI (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 and IBBI (Insolvency Professional Agencies) Regulations, 2016
    Show AI Summary
    Insolvency professional agency eligibility updated: new regulations set corporate eligibility, board composition and mandatory oversight committees.
    The IBBI notified two regulations prescribing eligibility norms and governance requirements for Insolvency Professional Agencies and professional members. Eligible agencies must satisfy a minimum net worth requirement, restrict the share of insolvency professionals on their boards while ensuring a majority of independent directors, adopt model bye-laws, and constitute Membership, Monitoring, Grievance Redressal, and Disciplinary Committees to regulate enrollment, oversight, complaints, and disciplinary processes.
    November 19, 2016
    FM: To ensure future increases in agriculture output and farmers’ income by 2022, focus should be on higher agriculture productivity; To increase the price benefits to the farmers, it is necessary that the farmers are provided timely market information and developing software applications, both computer and mobile based, that link farmers to consumers
    Show AI Summary
    National Agriculture Market reforms to integrate regulated mandis and improve farmer price benefits through technology and market access.
    Prioritise agricultural productivity and farmer incomes through technology (high-yield seeds, water-efficient irrigation, IT tools linking farmers and consumers) and revisit farming incentives to reduce wastage and improve marketing. Implement a National Agriculture Market by integrating over five hundred regulated mandis via State APMC Act reforms. Operational suggestions include increased funds to District Cooperative Banks post demonetisation, cargo hubs/dry ports at production centres, Agriculture Marketing Research Departments at universities, debt-relief schemes, enforced differential interest rates for agriculture, innovation awards, cold-chain investment, and larger budgetary support for agriculture.
    November 18, 2016
    Unclaimed Dividend Fund
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    Unclaimed dividend transfers to Investor Education and Protection Fund require budgeted refunds to eligible investors and investor awareness funding.
    Specified unclaimed and unpaid amounts, including unclaimed dividends, must be credited to the Investor Education and Protection Fund; such amounts are part of the Consolidated Fund, and the Ministry receives separate budgetary allocations from that Fund to refund eligible investors whose amounts were credited and to finance investor awareness activities under the Companies Act.
    November 18, 2016
    Frauds/Irregularities by Companies
    Show AI Summary
    Definition of fraud expanded under company law, strengthening SFIO powers and mandating technology-driven fraud detection.
    SFIO has handled a rising volume of corporate fraud references, initiating numerous prosecutions with several court disposals and convictions imposing imprisonment and fines on directors. Its statutory mandate under company law is to investigate violations of the Companies Act and pursue penal action. The Government has strengthened fraud detection and response by defining Fraud in the Companies Act, conferring statutory status on SFIO, and deploying technology such as data mining and Forensic Audit; SFIO's year-to-year expenditures have been reported.
    November 9, 2016
    The Investor Education and Protection Fund Authority (Recruitment, Salary and other Terms and Conditions of Service of officers and other employees) Rules, 2016
    Show AI Summary
    Investor Education and Protection Fund Authority sets recruitment, deputation, pay and service conditions for its officers and employees.
    These rules set recruitment, pay bands, grade pay, deputation procedures, eligibility and service conditions for all officers and employees of the IEPF Authority. The Schedule specifies posts, methods of recruitment and selection committees; deputation appointments require invited applications and evaluation by the Schedule specified committee. Deputation periods are three years for grade pay below Rs.6600 and five years for grade pay Rs.8700 or above, subject to extension and a maximum deputation age of fifty six; service conditions, HRA, leave and disciplinary procedures follow corresponding Central Government rules.
    October 22, 2016
    Government Approves Four (4) Proposals of Foreign Direct Investment (FDI)
    Show AI Summary
    Foreign Direct Investment approvals, deferrals, rejections and categorisation clarified for acquisitions, reorganisations and post facto regularisations.
    The Government approved four FDI proposals recommended by FIPB: DiaVikas Capital Private Limited's buy back to enable 100% foreign shareholding; IFC FIG Investment Company I's purchase of a minority stake in Bandhan Financial Services Ltd.; IBM India Pvt Ltd's corporate reorganisations and multiple post facto approvals for subsidiaries and dormant status; and BNP Paribas' acquisition of Sharekhan Limited and related holding company in the NBFC/financial services sector.
    October 22, 2016
    NBCC OFS gets oversubscribed 1.54 times in non-retail category and 1.50 times in retail category.
    Show AI Summary
    Retail reservation and cut-off price sequencing shaped the OFS sale, granting retail discount and separate T/T+1 bidding windows.
    Disinvestment proceeded by an Offer For Sale of fifteen percent of paid-up equity with twenty percent reserved for retail investors; non-retail bids were taken on T day to discover a cut-off price and retail bids on T+1 could use that cut-off or submit price bids, with retail bids below the small-investor threshold receiving a five percent discount; floor and reference market prices were published and the sale reduced the Government's shareholding to seventy-five percent.
    October 3, 2016
    Ministry of Corporate Affairs took another bold initiative in Government Process Re-engineering (GPR)
    Show AI Summary
    Company incorporation form SPICe streamlines electronic filings, standardises e MOA/e AOA formats and replaces older INC forms.
    Ministry of Corporate Affairs introduced the Simplified Proforma for Incorporating a Company Electronically (SPICe) e-Form to standardise and expedite company incorporation by replacing INC-29 and INC-7. SPICe requires linked e MOA and e AOA (except Section 8 companies), permits incorporation with a pre-approved name, mandates Digital Signature Certificates for subscribers and witnesses, and aims to improve back-office review speed through a fully digital filing process.
    September 28, 2016
    Cabinet approves Closure of Hindustan Cables Limited, Kolkata
    Show AI Summary
    Closure of public sector company: approval provides voluntary separation packages and statutory settlement of employee and creditor liabilities.
    Approval is granted for the closure of Hindustan Cables Limited, Kolkata under applicable company and labour laws, to be implemented in a time bound manner following Department of Public Enterprises guidelines. Employees will be offered voluntary separation packages (VRS/VSS) at notional historic pay scales and outstanding salary and wage liabilities will be settled; retrenchment procedures under the Industrial Disputes Act will be followed where required. Creditor arrangements include negotiated One Time Settlement with secured lenders and conversion of government loans into equity, while disposal of movable and immovable assets will proceed to enable optimal reuse.
    September 21, 2016
    Government Approves Three (3) Proposals of Foreign Direct Investment (FDI)
    Show AI Summary
    Foreign Direct Investment approvals: selected proposals cleared; other proposals deferred or not within FIPB jurisdiction.
    Government approvals and administrative classifications by FIPB record three FDI proposals approved, seven deferred pending further scrutiny, and two proposals not lying before the Board because they fall under the automatic route or otherwise do not require FIPB consideration. Approved items cover additional manufacturing and distribution activities and share transfers; deferred items range from succession-related share transfers and object changes in a publishing company to downstream investments, proposed mutual-fund distribution activities, divestment and repatriation of proceeds, and complex financial-sector acquisitions. A tabled insurance-broking acquisition was recommended for increased FDI after amendment of transactional documents.
    September 21, 2016
    Winding up of Hindustan Diamond Company Private Limited
    Show AI Summary
    Winding up of a government-De Beers joint venture approved; diamond supply continuity supported by SNZ viewing and e auction access.
    Approval was granted to initiate the winding up of Hindustan Diamond Company Private Limited, a 50:50 government-De Beers joint venture formed to supply rough diamonds to Indian processors. The action is not expected to disrupt supply because Indian firms have become sightholders and a Special Notified Zone at the Bharat Diamond Bourse facilitates domestic viewing by Foreign Mining Companies while sales occur via e-auction from abroad, maintaining market access for smaller manufacturers.

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      Corp. Laws, SEBI & IBC

      Ministry of Corporate Affairs took another bold initiative in Government Process Re-engineering (GPR)

      October 3, 2016

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      Ministry of Corporate Affairs took another bold initiative in Government Process Re-engineering (GPR)
      and launched a Simplified Proforma for Incorporating a Company Electronically (SPICe) e-Form on the occasion of Gandhi Jayanthi 2016

      The Ministry of Corporate Affairs has taken another bold initiative in Government Process Re-engineering (GPR) and launched a Simplified Proforma for Incorporating a Company Electronically (SPICe) e-Form, on the occasion of Gandhi Jayanthi 2016.The main objective of launching this e-Format proforma, SPICe, is to provide speedy incorporation related services within stipulated time frames which are in line with the international best practices. 

      SPICe’s USP is as follows: - 

      1. Simplified and completely Digital form for Company Incorporation
      2. Standard format of  e-Memorandum of Association  as per Companies Act, 2013
      3. Standard format of e-Articles of Association as per Companies Act, 2013
      4. Memorandum and Articles will now be filed as linked e-forms (except for Section 8 companies)
      5. Provision to apply for Company Incorporation with a pre-approved Company Name
      6. Mandatory DSCs of Subscribers and Witnesses (max 7+1) in SPICe MOA and SPICe AOA
      7. Back Office productivity gains due to faster review of e-MOA and e-AOA by approving authorities.

      Existing INC-29 and INC-7 will be phased-out and SPICe will be the Sole, Simplified & Versatile form available for incorporation of a company in India

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